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re: Is a family of 4 that earns 97k/year middle class or upper class, on average?
Posted on 3/26/17 at 10:24 pm to HailHailtoMichigan!
Posted on 3/26/17 at 10:24 pm to HailHailtoMichigan!
Not upper class anywhere but extreme rural areas.
$97k/year = ~$5600/month after taxes.
Mortgage to live in a good school system ~1500/month
Car insurance ~250/month
Utilities ~250/month
Food for four ~1000/month
Gas for cars ~150/month
Phones for four ~150/month
Internet ~75/month
Necessities (clothes, haircuts, etc) ~100/month
TV/Entertainment ~$100/month
That's $3600 out the door for a typical middle class lifestyle leaving about $2000 for savings, retirement, college savings, vacations, incidentals, fun/dates, and any miscellaneous expenditures. No one in the upper class is having fun with only $2000/month.
EDIT - I didn't even factor in health insurance. How much does the employer provide?
$97k/year = ~$5600/month after taxes.
Mortgage to live in a good school system ~1500/month
Car insurance ~250/month
Utilities ~250/month
Food for four ~1000/month
Gas for cars ~150/month
Phones for four ~150/month
Internet ~75/month
Necessities (clothes, haircuts, etc) ~100/month
TV/Entertainment ~$100/month
That's $3600 out the door for a typical middle class lifestyle leaving about $2000 for savings, retirement, college savings, vacations, incidentals, fun/dates, and any miscellaneous expenditures. No one in the upper class is having fun with only $2000/month.
EDIT - I didn't even factor in health insurance. How much does the employer provide?
This post was edited on 3/26/17 at 10:25 pm
6
Posted on 3/26/17 at 10:25 pm to StringedInstruments
quote:
Mortgage to live in a good school system ~1500/month
Well, that's where most people go wrong, too much house.
Posted on 3/26/17 at 10:38 pm to StringedInstruments
quote:
Not upper class anywhere but extreme rural areas.
$97k/year = ~$5600/month after taxes.
Mortgage to live in a good school system ~1500/month
Car insurance ~250/month
Utilities ~250/month
Food for four ~1000/month
Gas for cars ~150/month
Phones for four ~150/month
Internet ~75/month
Necessities (clothes, haircuts, etc) ~100/month
TV/Entertainment ~$100/month
Reading this is a signal that people are mistaking working class for middle or upper class.
If you're middle or upper there are expenses that would be part of the list. The most obvious
Dry cleaning 600-800 per month
Entertaining - 500 - 5000 per month - it would depend
Staff - depends but house and maintenance- 2k -10k per month
Philanthropy- a major expense depending what social circle you want to be in
Holidays
This post was edited on 3/26/17 at 10:42 pm
Posted on 3/26/17 at 10:48 pm to StringedInstruments
quote:
$97k/year = ~$5600/month after taxes.
Mortgage to live in a good school system ~1500/month
Car insurance ~250/month
Utilities ~250/month
Food for four ~1000/month
Gas for cars ~150/month
Phones for four ~150/month
Internet ~75/month
Necessities (clothes, haircuts, etc) ~100/month
TV/Entertainment ~$100/month
Assuming both parents working...missing childcare. That eats up a big chunk of 2nd persons income.
Posted on 3/27/17 at 6:08 am to StringedInstruments
quote:
Car insurance ~250/month Utilities ~250/month Food for four ~1000/month Gas for cars ~150/month Phones for four ~150/month Internet ~75/month Necessities (clothes, haircuts, etc) ~100/month TV/Entertainment ~$100/month That's $3600 out the door for a typical middle class lifestyle leaving about $2000 for savings, retirement, college savings, vacations, incidentals, fun/dates, and any miscellaneous expenditures. No one in the upper class is having fun with only $2000/month. EDIT - I didn't even factor in health insurance. How much does the employer provide? This post was edited on 3/26 at 10:25 pm
Forgot about Health insurance. Big chunk!
Posted on 3/27/17 at 6:37 am to StringedInstruments
3 haircuts at $20 = $60
plus mom @ $100-150= $200 round about.
Your numbers are way too conservative.
Groceries will likely run more when you add in toiletries and other misc needs.
Down vote all you want. It's fact and $100 for a ladies hair visit is cheap.
My question is all the Uclub ballers of BR who find their way into a $650k plus home and their jobs seemingly are nowhere near capable of supporting that......plus all the vacations.
plus mom @ $100-150= $200 round about.
Your numbers are way too conservative.
Groceries will likely run more when you add in toiletries and other misc needs.
Down vote all you want. It's fact and $100 for a ladies hair visit is cheap.
My question is all the Uclub ballers of BR who find their way into a $650k plus home and their jobs seemingly are nowhere near capable of supporting that......plus all the vacations.
This post was edited on 3/27/17 at 6:47 am
Posted on 3/27/17 at 3:40 pm to StringedInstruments
quote:
Mortgage to live in a good school system ~1500/month
The median list price in my zip is $1M. Is there a 75 year loan product you have sauces on? TIA
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